Bretton Woods agreement came into effect in ____ .

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Detailed Solution

Bretton Woods's agreement came into effect in 1944. A new system of international money was formed under the agreement. The U.S. dollar became the primary world currency, replacing the gold standard. The only nation that could print dollars once the agreement was signed was the United States. The new pact helped America solidify its position as the leading economic force in the world. After the 1944 Bretton Woods Agreement, the Bretton Woods System established monetary ties between the United States, Canada, Australia, and Japan. In addition, the Bretton Woods System founded two influential organisations: the International Monetary Fund (IMF) and World Bank.

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